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Nov 29, 2012
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people like romney does not pay a dime in social security. a newspaper here did a story three years ago. we have 11 ceos who made over $10 million a year. they only take about $1 million in salary. to have got to be doing it for a reason. situation isy's complicated. he has got a lot of things that make up his income that are hard to explain. there is carried interest in their, salary that is converted into capital gains income. these are all debatable issues. the fundamental story there is the tax code is too complicated. you're correct that folks in your income level are getting hit especially hard. middle income, middle to upper income pay very high tax rate when you take into account income taxes, payroll taxes. our tax code is very progressive. there is half the population that pays no income tax, and a large percentage of them gets so much money back from the irs bennet -- that it more than makes up for their payroll tax. that is on the low end. on the high end, you have swiss cheese situation where there are so many loopholes and ways
people like romney does not pay a dime in social security. a newspaper here did a story three years ago. we have 11 ceos who made over $10 million a year. they only take about $1 million in salary. to have got to be doing it for a reason. situation isy's complicated. he has got a lot of things that make up his income that are hard to explain. there is carried interest in their, salary that is converted into capital gains income. these are all debatable issues. the fundamental story there is the...
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Dec 4, 2012
12/12
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if romney had one we would not be saying that. they are living in a hermetically sealed universe where before the election you had not just romney partisans that seven watching too much fox -- >> trey pretty good piece about this. >> he wrote a terrific piece where he discovered this. he met that he was living on the upper side of manhattan. what i only know one person. something like that was less extreme. something was going on. i had a bet with the conservative talk-show host. romney would win with more than 320 boat. >> one of your the seas was that obama it's not mobilize his army of supporters well enough in order to truly be who he was. >> some of this was a gap between an election and governance. having said that, and they certainly do not apply a great deal of energy or strategy to mobilize the army. it is quite a crowd. it is like where do we go. you look at these 2 million people leaping. they were looking for direction. if you see that cropping up in the summer, they speak to the republican party. it highjacks that deb
if romney had one we would not be saying that. they are living in a hermetically sealed universe where before the election you had not just romney partisans that seven watching too much fox -- >> trey pretty good piece about this. >> he wrote a terrific piece where he discovered this. he met that he was living on the upper side of manhattan. what i only know one person. something like that was less extreme. something was going on. i had a bet with the conservative talk-show host....
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Dec 6, 2012
12/12
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caller: i held my nose and voted for romney. if youonservative, but ask me if i believe in abortion, i do not think it is anyone's business but the woman and her god. i think republicans are run around too much by the religious right. i think where people could -- should become independence. -- independents. you have got to think common sense in this day and time. you're not -- you cannot keep holding on to your democrat or republican party. host: that is dana in oceanside, california. san antonio, texas, a democrat. caller: i was calling about the income tax. not just getting free money, having babies. host: our next call is anjou in marlborough, massachusetts. line 4 independents. -- in robert, massachusetts. line for independents. caller: it is an american problem, and all americans need to step up and help to fix it. for me, i'm willing to pay more taxes if you show me that you're doing the right thing. maybe somehow tie it to a balanced budget amendment. all we hear is talking about increasing taxes or reducing withholdings
caller: i held my nose and voted for romney. if youonservative, but ask me if i believe in abortion, i do not think it is anyone's business but the woman and her god. i think republicans are run around too much by the religious right. i think where people could -- should become independence. -- independents. you have got to think common sense in this day and time. you're not -- you cannot keep holding on to your democrat or republican party. host: that is dana in oceanside, california. san...
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Nov 30, 2012
11/12
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even mitt romney denied that one as the campaign went on. if republicans insist on spending cuts the on news is on them to come forward with some ideas t. president's budget continues over $300 billion in health savings. if they don't like that they should make a counter offer. we know that won't happen. we are waiting for some specific somewhere from our republican colleagues to show that they are serious on negotiations. >> three weeks ago the american people went to the polling places and they sent a message. democrats from president obama to our senate candidates on down built their campaigns around the idea that budgets have to work for our middle class and that the wealthy need to pay their fair share. republicans were clear too their to protect the wealthny and it was rejected. the american people voted for the candidates who committed to fighting for the middle class and in exit polls they agree that the wealthy have to participate and pay their fair share. here we are at the end of the year and it's encouraging to hear some of the r
even mitt romney denied that one as the campaign went on. if republicans insist on spending cuts the on news is on them to come forward with some ideas t. president's budget continues over $300 billion in health savings. if they don't like that they should make a counter offer. we know that won't happen. we are waiting for some specific somewhere from our republican colleagues to show that they are serious on negotiations. >> three weeks ago the american people went to the polling places...
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Nov 29, 2012
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years, pre-tea party. >> let's stipulate romney was a bad candidate. how would you get a better one? >> there are 30 republican governors. 24 of them have republican legislatures which is what romney didn't have. he had 83% democratic legislature. he was a goalie. they just shot goals on him for four years and some of them went through and some of them didn't and he was a very good goalie but you can't turn around and announce, look at all the things i did in massachusetts and the democrats attacked him saying the massachusetts economy was bad. yeah, it was. high taxes and all these other things that he couldn't fix without legislature. i'm from massachusetts prior to emigrating to the united states. and -- [laughter] it's tough, it's tough to be governor there and show people what you've accomplished. now, if he'd been governor of one of those 24 states with a republican legislature, i mean, the governor of texas has been doing amazing things on tort reform, they're looking at school choice, half the kids in louisiana -- >> so you think rick perry's y
years, pre-tea party. >> let's stipulate romney was a bad candidate. how would you get a better one? >> there are 30 republican governors. 24 of them have republican legislatures which is what romney didn't have. he had 83% democratic legislature. he was a goalie. they just shot goals on him for four years and some of them went through and some of them didn't and he was a very good goalie but you can't turn around and announce, look at all the things i did in massachusetts and the...
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Dec 5, 2012
12/12
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that came up with mitt romney. his effective tax rate was so low. he was payingthe capital gains tax instead of income tax so was effective tax rate was 13% or 14%. the stepped-up basis is an important point as well. you pay taxes on capital gains tax, it is based on the value of the estate when you inherited it. host: the estate tax or the capital gains tax? guest: the estate tax. asset, you payn capital gains. guest: right. host: we have this comment on twitter from james. guest: corporations would say the businesses are already being taxed. folk should not be taxed for investing in their business. host: double taxation. guest: that is the argument. when people die, they are being taxed again. that is the essence of the argument against the estate tax. host: can you start over? caller: a quick question about the comments of the 401(k). i used to work for a cpa firm. i understand they are income tax deferred instruments. when you take it out, the tax you pay is income tax. the assumption is the rate would be lower. let's say the rate is 25% when yo
that came up with mitt romney. his effective tax rate was so low. he was payingthe capital gains tax instead of income tax so was effective tax rate was 13% or 14%. the stepped-up basis is an important point as well. you pay taxes on capital gains tax, it is based on the value of the estate when you inherited it. host: the estate tax or the capital gains tax? guest: the estate tax. asset, you payn capital gains. guest: right. host: we have this comment on twitter from james. guest: corporations...
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Dec 4, 2012
12/12
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if you want to get them -- and that's why romney paid 14% on earnings of about $14 million. if you are trying to get to the top 1%, margin ral tax increases doesn't serve your purpose there. whatever happens now, whatever teal gets through this initial period, next year we have to look forward to a fundamental tax reform that will boost growth and competitiveness and can't leave the debate -- we have to have a more comprehensive change and i understand from bill and others that you get your bigger efficiency gains by getting rid of the loopholes on the tax code on both the personal side and corporate side. i hope we get back to that, simpson-bowles had the right target on how much revenue they would raise. but the principle of 1986 ought to be a lodestar, lowest possible rates on the broadest possible base. that's next year. that's a comprehensive tax principle. . . >> let me turn to bill gail, if i could, to talk about getting rid of options and what options will get the revenue for the government. >> in terms of getting rid of deductions or expanding the base, there's basi
if you want to get them -- and that's why romney paid 14% on earnings of about $14 million. if you are trying to get to the top 1%, margin ral tax increases doesn't serve your purpose there. whatever happens now, whatever teal gets through this initial period, next year we have to look forward to a fundamental tax reform that will boost growth and competitiveness and can't leave the debate -- we have to have a more comprehensive change and i understand from bill and others that you get your...
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Nov 29, 2012
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speaker, mitt romney weathered a storm of criticism late in the campaign after hurricane sandy for his earlier comments about privatizing fema and turning responsibility back to state and local governments. but during an era of fiscal restraint and global warming, it's high time that we start this conversation in earnest. how big do you want your fema to be? how generous your disaster relief payments and how much do you want to pay for it? in today's "new york times" op-ed section, there's an article that points out potential liability for flood insurance alone is $1.25 trillion. second only to the liability for social security. right now we have arguably the worst of both worlds. the federal government responds to disaster usually paying too much for the wrong people to do the wrong things. we provide federal money to put people back in harm's way and sometimes provide infrastructure to make future risky development worse. we often take remedial action, like for theifying beaches, a temporary solution, that can actually accelerate erosion elsewhere, shift storm damage down the coast t
speaker, mitt romney weathered a storm of criticism late in the campaign after hurricane sandy for his earlier comments about privatizing fema and turning responsibility back to state and local governments. but during an era of fiscal restraint and global warming, it's high time that we start this conversation in earnest. how big do you want your fema to be? how generous your disaster relief payments and how much do you want to pay for it? in today's "new york times" op-ed section,...
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Dec 7, 2012
12/12
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mitt romney was right. c-span, i want to know what party affiliation, and who they voted for, that are on unemployment right now. thank you. host: thank you. we could get that information as well. bob, mich. on the independent line. good morning to you. bob are you there? i think we lost bob this morning. i want to talk with this issue of age discrimination and who is on unemployment insurance. here is an article from "the baltimore sun." 93,000 young adults in maryland are unemployed. what ages are on unemployment insurance at this point? guest: historical you tend to see younger workers with less experience on unemployment, because of this recession we see a much wider spread. more people with college degrees, older people taking on income and benefits of some kind, but the challenges once you get past the six-month blocked, the longer you are on unemployment without a job, the harder it is to find a job. if you have a college degree, and you really need to get a job, to some degree you can move down the
mitt romney was right. c-span, i want to know what party affiliation, and who they voted for, that are on unemployment right now. thank you. host: thank you. we could get that information as well. bob, mich. on the independent line. good morning to you. bob are you there? i think we lost bob this morning. i want to talk with this issue of age discrimination and who is on unemployment insurance. here is an article from "the baltimore sun." 93,000 young adults in maryland are...
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Dec 4, 2012
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romney and mr. ryan campaigned against the president on, paul ryan's budget included the same reductions and it's likely they will be in his budget that's coming forward. let's act on things that we agree. let's rebuild and renew america and find ways to save the money and puts on a path to fiscal responsibility that the american public needs and demands. the speaker pro tempore: the chair recognizes the gentleman from oklahoma, mr. lankford, for five minutes. mr. lankford: in a few days we're going to have to resolve the fiscal cliff. eye roncally enough, something the house of representatives passed last may. in april set out a tax plan. in may passed a sequestration plan, went to the senate and said we're going to see you in the lame duck time period. we're in the lame duck and this had has to be solved. we have to solve the problem. the first thing is to define what the problem even is. it seems one group is talking about the real problems, the fiscal cliff, and the other group is talking about
romney and mr. ryan campaigned against the president on, paul ryan's budget included the same reductions and it's likely they will be in his budget that's coming forward. let's act on things that we agree. let's rebuild and renew america and find ways to save the money and puts on a path to fiscal responsibility that the american public needs and demands. the speaker pro tempore: the chair recognizes the gentleman from oklahoma, mr. lankford, for five minutes. mr. lankford: in a few days we're...
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Dec 4, 2012
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mitt romney gave away millions and millions of dollars. host: things like capital gains dividends and other things that benefit wealthier in comes? guest: the caplet gains and dividends is the classic break that benefits the wealthy. they think it is correct if they receive more than 90% of the benefit. people and the middle class get a little benefit from that break. the majority of the break goes to the wealthy. host: there is a recent story from politico. host: how significant of these deductions? guest: they can be important. the goal is to not get rid of the budget deficit. lots of people do not want to get rid of the budget deficit. they want to get it down to a manageable level. opinions differ. you can make a big dent through closing or reducing the loopholes. host: do you expect them to play a role? could they end up on the chopping block? guest: republicans have put them on the table. i think you probably will see some of both. this is a process that will go on for the better part of the next year. during that process, you will s
mitt romney gave away millions and millions of dollars. host: things like capital gains dividends and other things that benefit wealthier in comes? guest: the caplet gains and dividends is the classic break that benefits the wealthy. they think it is correct if they receive more than 90% of the benefit. people and the middle class get a little benefit from that break. the majority of the break goes to the wealthy. host: there is a recent story from politico. host: how significant of these...
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Dec 7, 2012
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mitt romney is one of them. is that fair? he thought it was fine to pay 13%. i did not think it was so great. if you get a check, and you are paying more, it is an issue. >> they never released a napkin where they scribbled the ideas, all indications for in summer 2011 that the white house was willing to consider raising the eligibility age on medicare and changing the way cost of living adjustments were calculated. should those ideas still be on the table now that the president and speaker are in a room together? >> when it comes to medicare, medicaid, and social security, many of us think social security should be dealt with but it is not specifically part of the discussion. it is not in as much risk. when it comes to medicare and medicaid and health care spending, we start on medicare in making sure that we are committed to to medicare. it is a promise we have made to seniors, current and future, even 54-year-old's and 44-year- old's. it is something we start with that promise to keep it universal and to keep benefits. once we decide that we will not ship c
mitt romney is one of them. is that fair? he thought it was fine to pay 13%. i did not think it was so great. if you get a check, and you are paying more, it is an issue. >> they never released a napkin where they scribbled the ideas, all indications for in summer 2011 that the white house was willing to consider raising the eligibility age on medicare and changing the way cost of living adjustments were calculated. should those ideas still be on the table now that the president and...
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Dec 4, 2012
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the plan that the republicans offered, this is just the romney-ryan plan that the american voters said no to. other than destroying our earned benefit, i do not call them entitlements because we worked hard and we earned them. there are no specifics. what loopholes will they close? of course, they are going to punish the poor and middle- class. their plan still gives another huge tax cut to the 1%. people need to look at what happened to this country between fdr and nixon. look at what happened with the conservative takeover from nixon until now. host: we are going to have congressman tom cole from oklahoma who last week said in a closed-door meeting that they should agree with president obama and extend the tax cuts for middle-class americans and then fight later on for that tax cut for the wealthy. we will ask him about this latest proposal, the counterproposal from the house republicans. j.d. on twitter says -- on our republican , richard from colorado springs, colorado. caller: c-span could put on actual science. i think there is a lot of magical thinking on the part of democrats h
the plan that the republicans offered, this is just the romney-ryan plan that the american voters said no to. other than destroying our earned benefit, i do not call them entitlements because we worked hard and we earned them. there are no specifics. what loopholes will they close? of course, they are going to punish the poor and middle- class. their plan still gives another huge tax cut to the 1%. people need to look at what happened to this country between fdr and nixon. look at what happened...
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Nov 29, 2012
11/12
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and by the way, people who voted for mitt romney will tell you, do not cut my social security and medicare benefits. they don't want that, and it's not because they're stupid or greedy, as alan simpson would like to make them out to be, it's because in this country retiring with some level of security is something that people have worked all their lives deserve in this country and something that should be a priority. mr. ellison: well, let me quote mr. blankfein of goldman sachs. he says, quote, you're going to have to do something undoubtedly to lower people's expectations of what they're going to get. the entitlements. and what people think they're going to get, because you're not going to get it. that's what he said. now, this gentleman is a c.e.o. of a firm that receives tens of billions of dollars -- ms. schakowsky: tens of billions. mr. ellison: tens of billions of dollars from direct money and indirect money through access to the fed at lowered rates and now has the -- ms. schakowsky: audacity. mr. ellison: audacity is the only word you can use to start talking about somebody who's
and by the way, people who voted for mitt romney will tell you, do not cut my social security and medicare benefits. they don't want that, and it's not because they're stupid or greedy, as alan simpson would like to make them out to be, it's because in this country retiring with some level of security is something that people have worked all their lives deserve in this country and something that should be a priority. mr. ellison: well, let me quote mr. blankfein of goldman sachs. he says,...
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Dec 1, 2012
12/12
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this is an idea mitt romney had on the campaign, this idea that you cap the value at $30,000, say. if you live in an area with low housing prices, that probably would not affect you. if you live at new york, san francisco where your mortgage is more expensive, it would be easier to bump up against what the deduction cap would be. you might not be itemizing your tax returns at the end of every year. host: next call is mike on the democrat's line. are you there? caller: i have a question for you. i heard president obama is making cuts to medicare if his plan goes through. he wants to cut $400 billion in entitlements. i collect ssdi. i am disabled. these $40 billion cuts in entitlements, are they going to affect ssi, ssdi? guest: we do not know what the administration is talking about yet. that offer came from the administration on the hill yesterday. it was not specific. $400 billion is what we are looking at in entitlement savings and we're not sure if it is ssdi or how beneficiaries would be affected. host: children make up a lot of these credits. which of these are affected by the
this is an idea mitt romney had on the campaign, this idea that you cap the value at $30,000, say. if you live in an area with low housing prices, that probably would not affect you. if you live at new york, san francisco where your mortgage is more expensive, it would be easier to bump up against what the deduction cap would be. you might not be itemizing your tax returns at the end of every year. host: next call is mike on the democrat's line. are you there? caller: i have a question for you....
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Dec 7, 2012
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through two years of paying very close attention to who these two men are and have no idea what mitt romney's plan for the country was -- you know, a billion dollars spent on advertising citizens united is a disaster, and i talked to jim messina, who is so instrumental in the obama re-election organization. he feels as though -- i hope i am not speaking out of school to say this -- he feels we need a constitutional amendment to protect voters rights and to also protect our collections from the pollution of this amazing amount of money. i agree with bonnie. i do not know if it is an option, but the money is a distraction. it does not to give us good information about who these people are. now, no one chomsky -- noam chomsky says that the size of a piece of information is to make it as short as it is today is an effective way of censoring, is a censorship to shorten our pieces of inflation, because it gives us the opportunity to say something that people already know. but the amount of time that it takes to contradict a sort of known prosit -- perceive consensus reality and received wisdom to d
through two years of paying very close attention to who these two men are and have no idea what mitt romney's plan for the country was -- you know, a billion dollars spent on advertising citizens united is a disaster, and i talked to jim messina, who is so instrumental in the obama re-election organization. he feels as though -- i hope i am not speaking out of school to say this -- he feels we need a constitutional amendment to protect voters rights and to also protect our collections from the...
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Dec 6, 2012
12/12
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that came up with mitt romney. his effective tax rate was so low. he was paying the capital gains tax instead of income tax so was effective tax rate was 13% or 14%. the stepped-up basis is an important point as well. you pay taxes on capital gains tax, it is based on the value of the estate when you inherited it. host: the estate tax or the capital gains tax? guest: the estate tax. host: if it's an asset, you pay capital gains. guest: right. host: we have this comment on twitter from james. guest: corporations would say the businesses are already being taxed. folk should not be taxed for investing in their business. host: double taxation. guest: that is the argument. when people die, they are being taxed again. that is the essence of the argument against the estate tax. host: can you start over? caller: a quick question about the comments of the 401(k). i used to work for a cpa firm. i understand they are income tax deferred instruments. when you take it out, the tax you pay is income tax. the assumption is the rate would be lower. let's say the ra
that came up with mitt romney. his effective tax rate was so low. he was paying the capital gains tax instead of income tax so was effective tax rate was 13% or 14%. the stepped-up basis is an important point as well. you pay taxes on capital gains tax, it is based on the value of the estate when you inherited it. host: the estate tax or the capital gains tax? guest: the estate tax. host: if it's an asset, you pay capital gains. guest: right. host: we have this comment on twitter from james....
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Nov 30, 2012
11/12
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under the romney plan, because they're paying providers more, your co-pay part of that provider fee is more, so your co-pay and the deductible will be more. those are for people over 55. people under medicare would pay more under the alternative than they are paying today. if you're under 55, you got your $500 a month every month trying to make your health care. because the thing is, if medicare is saving money and the health care costs do not go down, then somebody's got to pay the difference. adding insult to injury to that you have corporate profits, dividends and commissions and everything else being stipended off. so you not only have to pay the health care costs. you have to pay enough to cover the corporate profits. and so that's where senior citizens would be paying $500, $600 a year more. ms. moore: mr. scott, let me see if i got this straight. under the affordable care act, we're asking that instead of having seniors pay more, you know, find themselves in the doughnut hole, that we ask pharmaceutical companies to ask to negotiate drug prices, you know, over 10 years, that may
under the romney plan, because they're paying providers more, your co-pay part of that provider fee is more, so your co-pay and the deductible will be more. those are for people over 55. people under medicare would pay more under the alternative than they are paying today. if you're under 55, you got your $500 a month every month trying to make your health care. because the thing is, if medicare is saving money and the health care costs do not go down, then somebody's got to pay the difference....